Laserfiche WebLink
Ms.Slominski had a revision to item 2.8 Employee Handbook Annual Updates, noting that <br /> Section 47 Long Term Care Insurance needed to be removed as it references a discontinued <br /> insurance service. <br /> Moved by Commissioner Nadeau and seconded by Commissioner Stewart to approve the <br /> amended Consent Agenda,with the revision noted above to the Employee Handbook,as <br /> follows: <br /> 2.1 Check Register—March 2021 <br /> 2.2 Regular Meeting Minutes—March 9, 2021 <br /> 2.3 Special Meeting Minutes—March 31, 2021 <br /> 2.4 Resolution Electing Not to Waive Statutory Tort Limits for Liability Insurance <br /> 2.5 Transmission Transformed Service Rate <br /> 2.6 ERMU's Tom Bovitz Memorial Scholarship Award Winner <br /> 2.7 Transfer of Asset—Jackson Street Water Tower <br /> 2.8 Employee Handbook Annual Updates <br /> Motion carried 5-0. <br /> 3.0 OPEN FORUM <br /> No one appeared for open forum. <br /> 5.2 Award of Bonds <br /> At the March 9 meeting,the Commission passed a resolution to proceed with the issuance of <br /> $14,460,000 2021E bonds, and the City Council passed it at their March 15 meeting.At that <br /> time,it was identified that the award of the bonds by the Utilities Commission would come <br /> back for consideration at the April 13 meeting.As noted in Ms. Karpinski's memo,the bond <br /> amount has since decreased to$12,620,000 due to a change in bonding structure and <br /> allocation between the Electric and Water departments. <br /> Proposals for the sale of the bonds were received the morning of April 13 until 10:30 a.m. Ms. <br /> Heaton distributed the bid tabulation and winning bid form and walked through the <br /> information and market sale results. Hilltop Securities, Inc. came in as the low bidder with an <br /> interest rate of 2.04%. Ms. Heaton also shared that the issue size decreased from $12,620,000 <br /> to$11,810,000 due to a premium with the offer. Ms. Heaton stated that the draft resolution in <br /> the commission packet will be populated with the information from the bid tabulation,along <br /> with the lower borrowing amount. Ms. Heaton requested the Commission adopt the <br /> resolution along with the bid tabulation.Chair Dietz asked for further clarification on the <br /> premium with the offer. Ms. Heaton responded. <br /> The Moody's bond rating call was conducted on March 30. Based on the information reviewed, <br /> Moody's assigned an Aa3 rating. Ms. Heaton spoke to how the high rating contributed to the <br /> Elk River Municipal Utilities Commission Meeting Minutes <br /> April 13,2021 <br /> Page 3 <br />